Business briefs for August 19, 2004

Thursday, Aug. 19, 2004 | 9:02 a.m.

Firm to eliminate 3,500 jobs

BRAMPTON, Ontario -- Nortel Networks Corp., North America's largest telephone-equipment maker, fired seven finance officials tied to an accounting restatement and said it will cut 3,500 jobs, or 10 percent of its work force.

Chief Executive William Owens said he will combine some businesses and cut jobs to save as much as $500 million a year as the company readies its second restatement since November. The Brampton, Ontario-based company has slashed 60,000 jobs in the past three years. Most of the positions will be eliminated by year's end, Nortel said, adding that most of the cuts will come from North America.

Ohio suing electronics retailer

COLUMBUS, Ohio -- Ohio sued Best Buy Co. Inc., the biggest U.S. electronics retailer, accusing the company of unfair and deceptive sales practices.

The civil suit alleges that Best Buy repackaged goods and sold them as new, failed to honor rebates and refunds and failed to honor extended service contracts, the state's attorney general, Jim Petro, said at a news conference today. Petro said his office received hundreds of consumer complaints over the last few years against Best Buy.

Best Buy spokeswoman Susan Busch declined to comment.